"All you need is love. But a little chocolate now and then doesn't hurt” – Charles M. Schultz

 

Sales and listings stats are attached as of February 12, 2017. Winter is showing signs of thawing and so is the real estate market in Metro Vancouver. The pace of sales in February has increased from January with numbers so far 60% above last month’s sales per day. That with the first two weeks of February suffering through some very nasty weather so far! Vancouver West side and North Vancouver detached sales are already ahead of January and on pace to be the best month since July last year. Vancouver East side and West Vancouver detached while a little slower are also on pace to be the best since July of last year. New listings are down dramatically though. With only 1,383 new listings in Greater Vancouver, this is far below the 3,108 at mid-month last February. The weather certainly has impacted sellers coming to market. As a result, the total active listings in Greater Vancouver is 7,841 compared to 8,033 at this time last year. The condo and townhouse market is continuing to see the greatest amount of multiple offers, a trend that is carrying on from last fall. That market segment continues to be light on inventory with new product being absorbed a quicker pace. Here is a summary of the activity so far:

 

Sales and Listings Stats Houses Townhouses Condos Feb 12 2017

 

Sales and Listings Stats All Regional Feb 12 2017

 

Greater Vancouver – 948 Units Sold so far in February 2017 (not quite mid-month) compared to 1,649 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 1,383 compared to 3,108 at mid-month in February 2016. Total Active Listings are at 7,841 (8,033 at the same time last year). Sales To Listings Ratio is at 69% compared to 37% in January 2017.

 

Vancouver West - 222 Units Sold so far in February 2017 (not quite mid-month) compared to 344 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 267 compared to 615 at mid-month in February 2016. Total Active Listings are at 1,325 (1,458 at the same time last year). Sales To Listings Ratio is at 83% compared to 30% in January 2017.

 

Vancouver East – 92 Units Sold so far in February 2017 (not quite mid-month) compared to 139 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 147 compared to 240 at mid-month in February 2016. Total Active Listings are at 894 (580 at the same time last year). Sales To Listings Ratio is at 63% compared to 33% in January 2017.

 

North Vancouver – 84 Units Sold so far in February 2017 (not quite mid-month) compared to 125 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 113 compared to 201 at mid-month in February 2016. Total Active Listings are at 398 (368 at the same time last year). Sales To Listings Ratio is at 74% compared to 36% in January 2017.

 

West Vancouver – 24 Units Sold so far in February 2017 (not quite mid-month) compared to 66 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 51 compared to 148 at mid-month in February 2016. Total Active Listings are at 414 (444 at the same time last year). Sales To Listings Ratio is at 47% compared to 13% in January 2017.

 

Richmond – 116 Units Sold so far in February 2017 (not quite mid-month) compared to 205 Units Sold in February 2016 at mid-month. Total New Listings so far in February 2017 are 184 compared to 383 at mid-month in February 2016. Total Active Listings are at 1,164 (1,174 at the same time last year). Sales To Listings Ratio is at 63% compared to 34% in January 2017.

Post CommentComments: 0Read Full Story

Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment." - Buddha

 

Attached are the Sales and Listings Stats updated to the end of January 2017. The real estate market in Metro Vancouver has certainly shifted in the last year. What was once the sizzling detached market has shifted to a more active condo market. Last year the percentage of Detached Listings were 38% and this year they are 52%. The percentage of Attached (Townhouses and Condos) last year were 52% and this year 40%. In terms of sales, last year the percentage of sales that were Detached were 41% and this year 28%, attached last year 16% and this year 16% and condos last year 43% and this year 53%. The condo market is where the activity is strongest, with more incidences of multiple offers and sales above list prices. The lack of product, strong demand and affordability are driving that market segment.

 

And now after a series of cooling measures, the provincial government has turned the tables with the First Time Buyer Home Owner Plan providing loans to buyers for their down payment and the recent announcement of an exemption from the Foreign Buyer Tax for anyone working in British Columbia on a work permit – with details still to come. Will these two programs impact the market? Likely they will have direct impact on the already active condo market and properties up to the $750,000 price maximum for the First Time Buyer Home Owner Plan.

 

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

 

Sales and Listings Stats for All Regional Jan 2017

 

Sales and Listings Stats for Houses Townhouses and Condos Jan 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in January 2017 was 1,553 – down from 2,574 (40%) from January 2016, down from 1,948 (20%) in January 2015; Active Listings are at 7,834 compared to 7,431 at this time last year; New Listings in January 2016 were down 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 57% in January 2016.

 

Vancouver Westside Residential: Total Units Sold in January 2017 was 271 – down from 473 (43%) from January 2016, down from 369 (27%) in January 2015; Active Listings are at 1,355 compared to 1,285 at this time last year; New Listings in January 2016 were down 9% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 48% in January 2016.

 

Vancouver Eastside Residential: Total Units Sold in January 2017 was 139 – down from 207 (33%) from January 2016, down from 212 (34%) in January 2015; Active Listings are at 874 compared to 524 at this time last year; New Listings in January 2016 are up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 53% in January 2016.

 

North Vancouver Residential Total Units Sold in January 2017 was 107 – down from 167 (36%) from January 2016, down from 149 (38%) in January 2015; Active Listings are at 398 compared to 318 at this time last year; New Listings in January 2016 were down 4% compared to January 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Balanced Market with some Buyer’s Market tendencies) and a Sales to Listings Ratio of 36% compared to 54% in January 2016.

 

West Vancouver Houses: Total Units Sold in January 2017 was 26 – down from 108 (75%) from January 2016, down from 58 (55%) in January 2015; Active Listings are at 416 compared to 403 at this time last year; New Listings in January 2016 were down 14% compared to January 2016; Month’s Supply of Total Residential Listings is up to 16 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 13% compared to 46% in January 2016.

 

Richmond Residential: Total Units Sold in January 2017 was 225 – down from 396 (43%) from January 2016, down from 287 (22%) in January 2015; Active Listings are at 1,154 compared to 1,077 at this time last year; New Listings in January 2016 were up 7% compared to January 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 64% in January 2016.

Post CommentComments: 0Read Full Story